Daily Forex Analysis - 31 March 2021

USD Overview (31 March 2021)

Yesterday, USD strengthened against all major currencies.

The Conference Board Consumer Confidence data (Actual: 109.7, Forecast: 96.9, Previous: 90.4 revised from 91.3) released yesterday indicated a strong increase in the level of optimism on the U.S. economic outlook from consumers as more people start receiving vaccinations while COVID-19 restrictions start to ease.

The ADP Non-Farm Employment Change data (Forecast: 522K, Previous: 117K) will be released later at 2015 (SGT).

NZD/USD Outlook (31 March 2021)

Overall, NZD/USD is trending downwards.

NZD/USDs next support zone is at 0.67900 and the next resistance zone is at 0.71000.

Look for selling opportunities of NZD/USD.

AUD/USD Outlook (31 March 2021)

Overall, AUD/USD is trending downwards.

The Australian Building Approvals m/m data (Actual: 21.6%, Forecast: 2.9%, Previous: -19.4%) released earlier today indicated a recovery in the number of building approvals issued in February.

The Australian Retail Sales m/m data (Forecast: -1.1%, Previous: -1.1%) will be released tomorrow at 0830 (SGT).

Currently, AUD/USD is testing the support zone of 0.76000 and the next resistance zone is at 0.78000.

Look for selling opportunities of AUD/USD if it breaks the support zone of 0.76000.

USD/JPY Outlook (31 March 2021)

Overall, USD/JPY is trending upwards. Recently, USD/JPY broke the resistance zone of 110.200.

USD/JPYs next support zone is at 110.200 and the next resistance zone is at 110.200.

Look for buying opportunities of USD/JPY.

EUR/USD Outlook (31 March 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD broke the support zone of 1.17900.

The German Preliminary CPI m/m data (Actual: 0.5%, Forecast: 0.5%, Previous: 0.7%) released yesterday indicated a slight decline in the rate of inflation in March.

The eurozone CPI flash estimate y/y data will be released later at 1700 (SGT).

- CPI Flash Estimate y/y (Forecast: 1.4%, Previous: 0.9%)

- Core CPI Flash Estimate y/y (Forecast: 1.1%, Previous: 1.1%)

Currently, EUR/USD is moving towards the key level of 1.17. Its next support zone is at 1.16500 and the next resistance zone is at 1.17900.

Look for selling opportunities of EUR/USD if it breaks below the key level of 1.17.

GBP/USD Outlook (31 March 2021)

Overall, GBP/USD is trending downwards.

The UK Final GDP q/q data (Forecast: 1.0%, Previous: 1.0%) will be released later at 1400 (SGT).

GBP/USDs next support zone is at 1.36000 and the next resistance zone is at 1.38000.

Look for selling opportunities of GBP/USD.

USD/CAD Outlook (31 March 2021)

Overall, USD/CAD is ranging across.

The Canadian GDP m/m data (Forecast: 0.5%, Previous: 0.1%) will be released later 2030 (SGT).

Currently, USD/CAD is testing the resistance zone of 1.26100 and the next support zone is at 1.23800.

Look for selling opportunities of USD/CAD if it rejects the resistance zone of 1.26100.

GBP/JPY Outlook (31 March 2021)

Overall, GBP/JPY is ranging across.

The UK Final GDP q/q data (Forecast: 1.0%, Previous: 1.0%) will be released later at 1400 (SGT).

Currently, GBP/JPY is bouncing down from the key level of 152. Its next support zone is at 150.000 and the next resistance zone is at 152.600.

Look for selling opportunities of GBP/JPY.

EUR/JPY Outlook (31 March 2021)

Overall, EUR/JPY is ranging across.

The German Preliminary CPI m/m data (Actual: 0.5%, Forecast: 0.5%, Previous: 0.7%) released yesterday indicated a slight decline in the rate of inflation in March.

The eurozone CPI flash estimate y/y data will be released later at 1700 (SGT).

- CPI Flash Estimate y/y (Forecast: 1.4%, Previous: 0.9%)

- Core CPI Flash Estimate y/y (Forecast: 1.1%, Previous: 1.1%)

EUR/JPYs next support zone is at 128.500 and the next resistance zone is at 130.500.

Look for selling opportunities of EUR/JPY.